Word: antitrust
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...Washington, Assistant Attorney General William Baxter, who nine months earlier had declared his intention to "litigate it to the eyeballs," announced that the Justice Department had reached an out-of-court settlement with A T & T. That ended the Government's seven-year antitrust pursuit of the world's largest corporation (1980 revenues: $51.7 billion). Under the agreement, Ma Bell-as the giant communications company is popularly known-will divest nearly two-thirds of its total assets by spinning off 22 local operating companies. But at the same time, it will retain its long-distance services...
Politically, the announcements amounted to a strong reaffirmation of the Reagan Administration's approach to antitrust policy. They made it clearer than ever that large corporations no longer need fear the wrath of Washington simply because of their size...
...Justice Department filed the suit against A T & T in 1974 during the Ford Administration. It charged Ma Bell with violating a 1956 consent decree that had settled an earlier Justice Department antitrust action against the company. Under the terms of the 1956 settlement, AT&T was permitted to retain ownership of Western Electric, but it agreed at the same time to restrict its future business activities to local and long-distance telephone services...
...competitors like Washington, D.C.-based MCI began connecting their own equipment to AT&T transmission lines and going into business for themselves, Bell tried to block them. The Justice Department then charged that the company had conspired to monopolize telecommunications services in the U.S., a violation of the Sherman Antitrust...
...John R. Opel, after the decision was announced: "This is wonderful news as we start the new year. In effect, the Justice Department and the federal courts have now affirmed what we have contended from the start. Our industry is healthy and competitive, and IBM has not violated any antitrust laws...